Xiaomi shares turned positive in morning trading, erasing earlier losses. The Xiaomi SU7 Ultra secured over 6,900 orders within 10 minutes of opening for ordering.

Xiaomi has launched the SU7 Ultra to challenge Porsche in the luxury car market, following the huge success of its regular SU7 electric sedan.

The company officially rolled out the SU7 Ultra -- an ultra-performance variant of the SU7 -- at a launch event yesterday, with a starting price of RMB 529,900 ($72,930).

The price is RMB 285,000, or 34.97 percent, lower than last October's pre-sale price of RMB 814,900. The regular SU7, which was launched on March 28, 2024, has a starting price of RMB 215,900.

Sixteen minutes after ordering opened, Xiaomi EV announced on Weibo that the SU7 Ultra received over 6,900 orders in 10 minutes.

Similar to what was done when the regular SU7 was launched, Xiaomi has already produced a number of SU7 Ultra vehicles, and those interested can lock in their orders by paying a non-refundable deposit of RMB 40,000, with deliveries set to begin soon.

Xiaomi's goal is for the SU7 Ultra to rival the performance of a Porsche, the tech of a Tesla, and the luxury of German luxury car brands Mercedes-Benz, BMW, and Audi, the company's founder, chairman, and CEO, Lei Jun, said at yesterday's launch event.

The SU7 Ultra is Xiaomi's new luxury car, the ultimate "Dream Car" for this era, Lei said. "What's past is past, what's today is today. A new wave has come in an era of dramatic landscape changes!"

Earlier this month, Xiaomi took the SU7 Ultra to four racing circuits and got the best track times at all four, and at one point received praise from Porsche.